Research On The Civil Legal Liability System Of Securities Fraud

With the rapid development of the securities industry,how to better protect the legitimate rights and interests of investors has become an important issue in the healthy and orderly development of the securities market.In practice,more and more securities frauds,including false statements,insider trading,manipulation of the market,so that the confidence of the majority of small and medium investors have been seriously hit.Administrative sanctions,criminal penalties can not substantially compensate for the damage suffered by investors.How to improve the civil liability of securities fraud has become the focus of the theoretical and practical circles.In this paper,the basic theory of civil liability for securities fraud to proceed with the analysis,and the practice of more false statements and insider trading of civil liability are highlighted,combined with the current "Securities Law" and the relevant judicial interpretation of the Supreme People's Court This paper puts forward some constructive suggestions on the choice of securities litigation civil litigation model and legislative conception and the perfection of securities litigation civil litigation mechanism,hoping to benefit the benign development and judicial practice of securities industry.In addition to the introduction and concluding remarks,this paper is divided into four chapters.The first chapter elaborates the basic theory of civil liability of securities fraud.On the basis of defining the concept of securities fraud,this paper introduces the main types and characteristics of securities fraud,and makes a clear definition of the scope of securities fraud in this paper.And further elaborates the system value of the civil liability of securities fraud,and clarifies the nature of the civil liability of securities fraud.The second chapter introduces the current situation and causes of securities fraud in China,and makes a clear explanation of the current situation of securities fraud in China through the analysis of the punishment of securities fraud and combing the law,culture and subjective psychology to find out the securities fraud.the reason.The third chapter elaborates the civil liability of false statements and insider trading.From the definition of false statements and insider trading behavior,the main responsibility,the principle of attribution,causal relations,elements,etc.,combined with the practice outside the region,with comparative analysis and analysis of methods,combined with relevant laws and doctrines The current legislative and judicial practice of the problems,put forward relevant recommendations.The fourth chapter elaborates the development and defects of the civil litigation model of securities fraud in China.Based on the representative litigation system of our country,compares the civil litigation mode of securities in the United States,Japan and Germany,and discusses the realistic choice of the civil litigation mode of securities fraud.